GLL Real Estate Partners has announced two further recent acquisitions on behalf of its GLL Pan European Fund, a Luxembourg FCP-FIS.
In addition to office assets it already owns in Frankfurt am Main and Krakow, the fund has now acquired two more Class-A office buildings in Romania and the UK. GLL was advised by Dentons and CBRE in Romania, and by Norton Rose Fulbright and Colliers in the UK on the acquisitions. When asked about the sellers, Dentons reported that the parties had agreed to keep their names confidential.
The first is the purchase of the Victoria Office Center in Bucharest for a price believed to be around EUR 27 million. The building is an 8,300 square meter Class A office building in the central business district of Bucharest and is 100% long-term leased to a roster of international tenants including Citibank, JLL, AON, AIG, and Starbucks. The fund has also completed the EUR 50 million acquisition of One Brindleyplace, Birmingham — a 6,430 square meter Class A office building in central Birmingham with a long unexpired lease term to Deutsche Bank.
The GLL Pan European Property Fund FCP is a real estate fund which will invest in assets across Europe with a target investment volume of up to EUR 1 billion. The fund has now invested over EUR 184 million into four core office buildings in the first 12 months since inception, and expects to add another prime office acquisition to its existing portfolio before the end of the year to take the fund volume to over EUR 225 million.
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